Rise of Electric Vehicles in India: Is it the future of transportation? – EQ Mag
India broke into the top three largest car markets in the world in 2022 and continues to grow. With over 40 crore (400 million) people in need of transport solutions, the Government of India (GoI) is pushing for the adoption of electric vehicles (EVs) to reduce fuel consumption and improve the environment.
To achieve this, India is part of a handful of countries that support the global EV30@30campaign. This drive aims for at least 30% of vehicle sales to be electric by 2030.
As part of this push, the GoI has signed a Memorandum of Understanding (MoU) with Australia in 2022 to source critical minerals. This MoU includes a $5.8M USD investment for a three-year India-Australia Critical Minerals Investment Partnership.
The future of electric vehicles in India
Critical minerals, such as copper, lithium, nickel, and cobalt, are essential to produce EVs as well as modern technologies including wind turbines, green technologies, smartphones, laptops, and military equipment.
Without these critical minerals, massive global supply chain disruptions can occur.
In fact, the global EV30@30 campaign, which India is part of,aims for 30% of vehicle sales to be electric by 2030. Prime…Read More…
